Private Sector Rent Statistics, Scotland, 2010 to 2023

In the year to end September 2023, average 3 bedroom rents increased above the average 12 month UK CPI inflation rate of 9.0% in 10 out of 18 areas, ranging from an increase of 9.1% (or £76 per month) in Fife up to 25.7% (or £281 per month) in Greater Glasgow. One area (Argyll and Bute) saw an increase at the rate of inflation of 9.0% (or £75 per month). A further seven areas saw an increase in average rents but below CPI, ranging from 2.1% (or £11 per month) in Dumfries and Galloway up to 8.3% (or £67 per month) in South Lanarkshire.

Average rents for 3 bedroom properties at the Scotland level increased by an estimated 13.3% (or £121 per month) between 2022 and 2023, to reach £1,026 in 2023, which compares to an average increase in UK CPI of 9.0% across the year to September 2022.

Figures on longer term changes to rents for 3 bedroom properties over the period from 2010 to 2023 should be considered in the context of the cumulative increase in UK CPI of 45.7% from the year to end September 2010 to the year to end September 2023.

Over the 13 year period from 2010 to 2023, eight areas have seen rent increases for 3 bedroom properties above the level of CPI inflation, ranging from an increase of 46.0% in West Lothian up to 88.7% in Greater Glasgow, equating to a range of annualised growth rates between 3.0% in West Lothian to 5.0% in Greater Glasgow, when calculated on a compound annual increase basis between 2010 and 2023.

For the remaining ten areas of Scotland, cumulative increases have been below CPI inflation, and have ranged from 12.1% in Dumfries and Galloway up to 44.9% in North Lanarkshire.

These regional trends combine to show an estimated 52.4% cumulative increase for 3 bedroom properties between 2010 and 2023 (equating to an annualised growth rate of 3.3%), to £1,026 in 2023. See Table 3, Chart 6 and Chart 7 below.

Table 3: 3 Bedroom Properties - Average (mean) monthly rents (£): Cumulative changes 2010 to 2023, by Broad Rental Market Area

Note: See the Supporting Documents Excel Workbook Table 7 for a more detailed breakdown of quartile and average rents for each year. Also note that the Scotland average figures have been calculated using a weighted stock approach, with further information on this available in the Data and Methodology Section.

Chart 6: Greater Glasgow and Lothian have seen the largest cumulative % rises in average 3 bedroom rents between 2010 and 2023

3 bedroom properties: % change in average (mean) rents for years to end-Sept, by Broad Rental Market Area

Chart 7: In 2023, Lothian had the highest average monthly 3 bedroom rent (£1,626), with Dumfries and Galloway having the lowest (£560)

3 bedroom properties: average (mean) monthly rents in 2023 (year to end-Sept), by Broad Rental Market Area